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Ahead of the expo, Indian government officials, diplomats and industry leaders highlighted business opportunities that the expo will present for both the US and India in areas of trade and investment and help boost economic ties during a curtain raiser event organised Monday by the Engineering Export Promotion Council (EEPC) of India.
The move to increase import duties is part of PM Narendra Modi's self-reliant India campaign that aims to promote and support domestic manufacturing, said the sources, who asked not to be named as the discussions are not public.
Data collated by government agencies showed that around 7% of the products that face trade remedies against cheap, subsidised imports that cause injury to the domestic industry are capital goods.
In the first two weeks of January, export excluding petroleum, oil and lubricants increased 16.07% on-year while imports excluding petroleum rose 18.78%.
"The trade deficit for December 2020 was estimated at USD 15.44 billion as against the deficit of USD 12.49 billion in December 2019, which is an increase of 23.66 per cent," according to the government data.
A bench headed by Chief Justice S A Bobde took note of the submissions of lawyer and PIL petitioner M L Sharma that the companies be prosecuted for alleged evasion of export duty by declaring wrong tariff code to export the iron ore under the Foreign Trade (Development and Regulation) Act, 1992.
The existing plethora of scholarly writing has called attention to the political economy inspirations driving the proliferation of trade agreements, which generated less economic benefits. In one of my examinations, I found that our existing FTAs don't significantly affect our trade after controlling the political economy factors.
While the government has said that such cyber frauds are causing increased bilateral trade disputes and asked exporters to be cautious, exporters expect such instances to increase.
Other economically significant Asia-Pacific democracies already part of British and US alliance structures - such as Australia, Japan and South Korea - are also flagged as a priority, given the increasing pressure they face from a "stronger and more assertive China".
"The United States and India are negotiating on a wide range of trade concerns, including greater access to the Indian market for US agricultural products, potentially in exchange for US restoration of India's eligibility under GSP. The current status of the negotiations has not been disclosed," the latest report by independent Congressional Research Service (CRS) said.
India’s representative to Taiwan recently told local media that his office will focus on enhancing bilateral investments, people-to-people exchanges and technical cooperation between Delhi and Taipei.
"Being the pharmacy of the world, India has supplied important medicines to all those in need in the world in the past and is also doing so now. The world is not only waiting for Indian vaccines but is also watching how India runs the world biggest vaccination programme," he said.
The comments were made during the final session of India's seventh Trade Policy Review (TPR) which concluded on Friday at the WTO in Geneva.
India, Australia will gain from expanded trade of lithium resources, says Aus High Commissioner Barry O'Farrell
"Lithium, and Li-ion and other technologies, will can play a key role. Indeed, India's ambitious renewable energy targets have led to an expansion of its clean energy commitments," he said.
The country’s trade balance has also benefited from reduced imports from China as well as lower oil prices.
"During the period under review, India implemented several measures to facilitate trade, such as a reduction in the number of documents required, and the automation of the customs clearance system for imports and exports," the WTO has said.
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